The LEGO Group has revealed its 2014 results, and with sales growth of 15 per cent year on year, it seems everything is still awesome for the Danish toy firm.
Revenue growth, excluding foreign exchange impacts, was 15 per cent year over year on a local currency basis and revenue increased by 13 per cent in DKK to DKK 28.6 billion against DKK 25.3 billion the year before.
LEGO’s operating profit for 2014 increased to DKK 9.7billion against DKK 8.3 billion in 2013, an increase of 16 per cent while net profit increased by was DKK 7.0 billion compared to DKK 6.1 billion in 2013.
The firm cites the growth in revenue to the success of LEGO City, LEGO Creator and The LEGO Movie lines.
“In 2014 we increased our sales by 15 percent," said Jørgen Vig Knudstorp, president and CEO of the LEGO Group.
"I am proud that we delivered high quality creative play experiences to millions of children all over the world. This resulted in a highly satisfactory result for us, and it remains our aspiration to be the best at what we do.
"Our ability to innovate and reinvent the LEGO play experience every year is vital for our success. We are dedicated to create new products that are fun and appealing to children all over the world. Through our products we provide children with a tool to express their imagination.
"At the same time we continuously want to deliver play experiences that are safe and of the highest quality, and we have impeccable safety and quality standards. 2014 was our fifth consecutive year without a product recall which remains our ambition level for 2015.
“Looking at the products we have developed for 2015 I feel confident that we will bring joy to even more children in the coming year.”
All LEGO Group market regions experienced double digit sales growth. In the US, sales grew double digit as did sales in the UK, France, Russia and China. Central and Northern European markets enjoyed single digit growth rates.
“Due to our continued focus on innovation and commitment to global expansion we expect to grow moderately ahead of the market in the future, while remaining committed to our continued aspiration to deliver the greatest play experiences possible to children all over the world,” added John Goodwin, executive vice president and chief financial officer.
“We estimate that more than 85 million children across the world had a LEGO play experience during 2014. This has only been possible through an ongoing focus on building our capabilities globally during 2014 from manufacturing to sales, as well as developing great products that appeal to children across cultures and geographies."
Knudstorp added: “Our dedicated and highly engaged employees around the world can proudly take credit for our strong performance in 2014. In addition, welcoming even more new employees adds to our current diversity, brings new inspiration and new ways of working to our company, so I am pleased that so many employees joined us in 2014, amongst them the two new members of the LEGO Group’s Management Board."